The acquisition of WA-baed Quadrant Energy last year for $US2.15 billion (around $A2.9 billion) continues to pay off for Santos and its shareholders with better quality revenue and earnings and yesterday, a near doubling in interim dividend.
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Unlike its peer, Woodside Petroleum which revealed a weak June quarter performance, Santos yesterday reported record gas production in the second quarter thanks to a solid performance across its Western Australia gas assets.
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With US oil prices in a bear market (that’s a 20% plus fall from the most recent peak), you’d think it would not be a good time to be talking up an oil field, especially in Australia. However, that’s what Santos has done.
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Gas is back in the news - suddenly with Santos revealing a huge gas-rich find on the North West Shelf that will add to the company’s reserves in the area and help supply Western Australia (and others) for years to come.
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Shares in major ASX listed oil and gas groups were sold off yesterday after Norway’s huge sovereign wealth fund decided to sell billions of dollars of shares in energy groups.
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UBS slightly reduces forecasts for oil prices through to 2021 but retains a long-term oil price at US$70/bbl, which is expected through 2022-24. The revised outlook for the next couple of years reflects a more subdued view on global demand, in line with economic forecasts.
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Sales volumes in the September quarter were ahead of UBS estimates.
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The company has outlined a plan to raise production to 100mmboe by 2025. Morgan Stanley considers the target achievable and suspects the market will focus on the de-leveraging profile.
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ExxonMobil, operator of the PNG LNG project, has stated that it may take eight weeks to repair and restore production from upstream operations following the earthquake.
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December quarter production was in line although a large increase in realised prices meant revenue beat UBS estimates. The broker notes a good quarter for GLNG, but this was driven by gas purchase from QC LNG.
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